ImmunoGen (NASDAQ:IMGN) Shares Up 12.4%

ImmunoGen, Inc. (NASDAQ:IMGN) shot up 12.4% on Wednesday . The stock traded as high as $4.02 and last traded at $4.00, 3,254,600 shares were traded during trading. An increase of 15% from the average session volume of 2,840,595 shares. The stock had previously closed at $3.56.

Several research firms recently weighed in on IMGN. Cowen reissued a “buy” rating on shares of ImmunoGen in a report on Monday, September 30th. BidaskClub downgraded ImmunoGen from a “hold” rating to a “sell” rating in a report on Saturday, November 9th. Leerink Swann reissued a “hold” rating on shares of ImmunoGen in a report on Tuesday, September 24th. Finally, HC Wainwright reissued a “buy” rating and set a $5.00 price objective (up previously from $4.00) on shares of ImmunoGen in a report on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. ImmunoGen presently has an average rating of “Hold” and an average target price of $3.28.

The stock has a market capitalization of $598.80 million, a price-to-earnings ratio of -3.39 and a beta of 2.33. The company has a fifty day simple moving average of $3.11 and a 200 day simple moving average of $2.59.

ImmunoGen (NASDAQ:IMGN) last announced its earnings results on Friday, November 1st. The biotechnology company reported ($0.15) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.04. The firm had revenue of $13.30 million for the quarter, compared to the consensus estimate of $10.38 million. ImmunoGen had a negative return on equity of 573.09% and a negative net margin of 292.57%. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.32) EPS. As a group, research analysts expect that ImmunoGen, Inc. will post -0.79 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Metropolitan Life Insurance Co NY lifted its holdings in ImmunoGen by 17.7% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 48,699 shares of the biotechnology company’s stock worth $118,000 after buying an additional 7,328 shares during the period. Redmile Group LLC lifted its holdings in ImmunoGen by 4.7% during the 3rd quarter. Redmile Group LLC now owns 14,616,560 shares of the biotechnology company’s stock worth $35,372,000 after buying an additional 661,766 shares during the period. Squarepoint Ops LLC lifted its holdings in ImmunoGen by 1,306.4% during the 3rd quarter. Squarepoint Ops LLC now owns 601,826 shares of the biotechnology company’s stock worth $1,456,000 after buying an additional 559,035 shares during the period. Voloridge Investment Management LLC acquired a new position in shares of ImmunoGen in the 3rd quarter valued at about $166,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of ImmunoGen in the 3rd quarter valued at about $27,000. 69.35% of the stock is currently owned by hedge funds and other institutional investors.

ImmunoGen Company Profile (NASDAQ:IMGN)

ImmunoGen, Inc, a clinical-stage biotechnology company, develops antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm.

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